Effective - 28 Aug 2019, 2 histories
313.935. License required — application, fee — investigation permitted — annual renewals — operation fee — grandfather provision — fee upon cessation. — 1. No fantasy sports contest operator shall offer any fantasy sports contest in Missouri without first being licensed by the commission. A fantasy sports contest operator wishing to offer fantasy sports contests in this state shall apply to the commission for a license and shall remit to the commission an application fee of ten thousand dollars or ten percent of the applicant's net revenue from the previous calendar year, whichever is lower.
2. As part of the commission's investigation and licensing process, the commission may conduct an investigation of the fantasy sports contest operator's employees, officers, directors, trustees, and principal salaried executive staff officers. The applicant shall be responsible for the cost of the investigation up to ten thousand dollars. If the cost of the investigation exceeds the application fee, the applicant shall remit such cost to the commission prior to any license being issued. An applicant may apply for, and the commission may grant, based on a showing of undue burden, a waiver of all or a portion of the cost of the investigation. All revenue received under this section shall be placed into the gaming commission fund created under section 313.835. The investigation set forth in this subsection* does not apply to a renewal of a license.
3. (1) A fantasy sports contest operator with net revenues of two million dollars or more from the previous calendar year shall be required to submit an annual license renewal fee of five thousand dollars by November first of each subsequent calendar year. A fantasy sports contest operator with net revenues of less than two million dollars but greater than one million dollars from the previous calendar year shall be required to submit an annual license renewal fee of two thousand five hundred dollars by November first of each subsequent calendar year. A fantasy sports contest operator with net revenues equal to or less than one million dollars but greater than two hundred fifty thousand dollars shall submit an annual license renewal fee of one thousand dollars by November first of each subsequent calendar year. A fantasy sports contest operator with net revenues of two hundred fifty thousand dollars or less from the previous calendar year shall not be required to submit an annual license renewal fee. On the anniversary date of the payment made under subsection 1, a licensed operator shall submit to the commission a notice of license renewal describing any material changes to the operator's compliance with the consumer protections set forth in sections 313.915, 313.920, and 313.925 together with the license renewal fee required under this subsection. A license is renewed upon submission of the notice and payment of the appropriate renewal fee.
(2) In addition to the license renewal fee, a licensed operator shall also pay an annual operation fee in a sum equal to six percent of the licensed operator's net revenue from the previous calendar year. All revenue collected under this subsection shall be placed in the gaming proceeds for education fund created under section 313.822. If a licensed operator fails to apply for a license renewal or pay the annual operation fee, the commission may suspend the license of such licensed operator until such payment is made.
4. Any fantasy sports contest operator already operating in the state prior to April 1, 2016, may operate until they have received or have been denied a license. Such fantasy sports contest operators shall apply for a license prior to October 1, 2016. Any fantasy sports contest operator operating under this subsection after August 28, 2016, shall pay the annual operation fee of eleven and one-half percent of its net revenue from August 28, 2016, until action is taken on its application. If a licensed fantasy sports contest operator fails to pay its annual operation fee by November 1, 2019, the commission may suspend the license or deny the pending license application of such fantasy sports contest operator.
5. If a licensed fantasy sports contest operator ceases to offer fantasy sports contests in Missouri, the operator shall pay an operation fee equal to six percent of its net revenue for the period of the calendar year in which it offered fantasy sports contests in Missouri by November first of the subsequent calendar year.
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(L. 2016 H.B. 1941 § 313.970, A.L. 2019 S.B. 87)
*Word "paragraph" appears in original rolls